Eventide Asset Management LLC Raises Position in International Paper Company $IP

Key Points

• Eventide Asset Management LLC increased its stake in International Paper Company by 49.5% in the first quarter, totaling approximately 870,435 shares valued at $46.43 million.
• International Paper reported earnings per share of $0.20 for the recent quarter, which fell short of analysts' expectations and marked a 42.9% increase in revenue year-over-year.
• The company has declared a quarterly dividend of $0.4625 per share, reflecting an annualized yield of 3.8%, despite a significant negative dividend payout ratio of -1,850.00%.

Eventide Asset Management LLC boosted its stake in shares of International Paper Company (NYSE:IP - Free Report) by 49.5% in the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The firm owned 870,435 shares of the basic materials company's stock after acquiring an additional 288,236 shares during the quarter. Eventide Asset Management LLC owned about 0.16% of International Paper worth $46,430,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also modified their holdings of the company. Curi RMB Capital LLC lifted its holdings in shares of International Paper by 116.4% in the 1st quarter. Curi RMB Capital LLC now owns 345,376 shares of the basic materials company's stock valued at $18,426,000 after buying an additional 185,798 shares during the period. Alliancebernstein L.P. lifted its holdings in shares of International Paper by 47.0% in the 1st quarter. Alliancebernstein L.P. now owns 553,438 shares of the basic materials company's stock valued at $29,526,000 after buying an additional 176,991 shares during the period. Banque Transatlantique SA acquired a new position in International Paper during the first quarter worth $6,879,000. Atalanta Sosnoff Capital LLC raised its holdings in International Paper by 18.7% during the first quarter. Atalanta Sosnoff Capital LLC now owns 6,514 shares of the basic materials company's stock worth $348,000 after purchasing an additional 1,024 shares during the last quarter. Finally, Amundi raised its holdings in International Paper by 37.4% during the first quarter. Amundi now owns 1,863,216 shares of the basic materials company's stock worth $91,633,000 after purchasing an additional 507,290 shares during the last quarter. 81.95% of the stock is owned by institutional investors and hedge funds.

International Paper Trading Down 2.8%

International Paper stock traded down $1.35 during trading on Monday, hitting $47.34. The company's stock had a trading volume of 4,907,259 shares, compared to its average volume of 6,292,499. The stock has a market capitalization of $24.99 billion, a price-to-earnings ratio of -473.40, a P/E/G ratio of 0.55 and a beta of 1.05. The stock's fifty day moving average is $49.72 and its 200 day moving average is $49.23. International Paper Company has a 1-year low of $43.27 and a 1-year high of $60.36. The company has a debt-to-equity ratio of 0.52, a quick ratio of 0.96 and a current ratio of 1.33.

International Paper (NYSE:IP - Get Free Report) last released its earnings results on Thursday, July 31st. The basic materials company reported $0.20 EPS for the quarter, missing the consensus estimate of $0.38 by ($0.18). International Paper had a negative net margin of 0.12% and a positive return on equity of 2.63%. The business had revenue of $6.77 billion during the quarter, compared to analyst estimates of $6.64 billion. During the same quarter in the previous year, the company posted $0.55 earnings per share. The business's revenue for the quarter was up 42.9% compared to the same quarter last year. As a group, equities research analysts predict that International Paper Company will post 2.77 EPS for the current year.

International Paper Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Tuesday, September 16th. Shareholders of record on Friday, August 15th will be given a dividend of $0.4625 per share. This represents a $1.85 dividend on an annualized basis and a yield of 3.9%. The ex-dividend date of this dividend is Friday, August 15th. International Paper's payout ratio is -1,850.00%.

Analyst Ratings Changes

Several equities analysts recently issued reports on IP shares. JPMorgan Chase & Co. cut International Paper from an "overweight" rating to a "neutral" rating and reduced their price objective for the stock from $55.00 to $54.00 in a report on Tuesday, August 5th. Bank of America raised International Paper from a "neutral" rating to a "buy" rating and boosted their price target for the stock from $55.00 to $57.00 in a report on Thursday, August 28th. Zacks Research cut International Paper from a "hold" rating to a "strong sell" rating in a report on Monday, August 18th. Truist Financial set a $59.00 price target on International Paper in a report on Wednesday, May 28th. Finally, Wall Street Zen raised International Paper from a "sell" rating to a "hold" rating in a report on Friday, June 27th. Five research analysts have rated the stock with a Buy rating, one has issued a Hold rating and three have issued a Sell rating to the stock. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $55.65.

International Paper Profile

International Paper Company produces and sells renewable fiber-based packaging and pulp products in North America, Latin America, Europe, and North Africa. It operates through two segments, Industrial Packaging and Global Cellulose Fibers. The company offers linerboard, medium, whitetop, recycled linerboard, recycled medium and saturating kraft; and pulp for a range of applications, such as diapers, towel and tissue products, feminine care, incontinence, and other personal care products, as well as specialty pulps for use in textiles, construction materials, paints, coatings, and others.